Strata Critical Medical, Inc. SRTA
Strata Critical Medical, Inc.(f/k/a Blade Air Mobility, Inc.) ("Strata" or the "Company") is a time-critical logistics and medical services provider to the United States healthcare industry. The Company operates one of the nation's largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated "one call" solution for donor organ recovery. Strata's core services include air and ground logistics, organ placement, surgical organ recovery, normothermic regional perfusion and preservation for the transplant industry, as well as perfusion staffing and equipment solutions for cardiovascular surgery centers, offered under the Trinity Medical Solutions ("Trinity") and Keystone Perfusion Services LLC ("Keystone") brands.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $197.1M | $146.8M | $225.2M | $146.1M | $50.5M | $23.4M | $31.2M | — |
| Cost of revenue | $156.0M | $117.2M | $183.1M | $123.8M | $40.0M | $21.1M | $26.5M | — |
| Gross profit | $41.1M | $29.6M | $42.1M | $22.3M | $10.5M | $2.3M | $4.7M | — |
| SG&A | $60.9M | $50.9M | $95.2M | $62.5M | $30.1M | $9.3M | $10.5M | — |
| Total operating expenses | $63.5M | $52.1M | $293.3M | -$36.6M | -$24.9M | $33.8M | $42.7M | — |
| Operating income | -$22.4M | -$22.5M | -$68.1M | -$53.5M | -$24.1M | -$10.4M | -$11.5M | — |
| Interest expense | — | $7.2M | $8.4M | $3.4M | $460.0K | $199.0K | $703.0K | — |
| Pre-tax income | -$20.1M | -$16.2M | -$57.5M | -$28.0M | -$43.7M | -$10.2M | -$10.8M | — |
| Income tax | $0 | $0 | $1.5M | $772.0K | $3.6M | $0 | $0 | — |
| Net income | $41.3M | -$27.3M | -$56.1M | -$27.3M | -$40.1M | -$10.2M | -$10.8M | — |
| EPS, basic | 0.50 | -0.35 | -0.76 | -0.38 | -0.93 | -0.40 | -0.43 | — |
| EPS, diluted | 0.50 | -0.35 | -0.76 | -0.38 | -0.93 | -0.40 | -0.43 | — |
| Shares, diluted (wtd. avg.) | $82.1M | $77.5M | $73.5M | $71.2M | $42.9M | $25.2M | $25.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.0M | $18.4M | $29.0M | $44.4M | $3.2M | $12.3M | $22.2M | $33.5M |
| Short-term investments | $30.3M | $108.8M | $138.3M | $150.7M | $279.4M | $0 | — | — |
| Receivables | $40.0M | $19.8M | $21.0M | $10.9M | $5.5M | $1.1M | — | — |
| Total current assets | $126.2M | $160.7M | $206.3M | $218.1M | $294.9M | $14.4M | $1.4M | — |
| Property, plant and equipment | $36.4M | $28.5M | $2.9M | $2.0M | $2.0M | $1.8M | — | — |
| Goodwill | $88.2M | $15.5M | $13.3M | $39.4M | $13.3M | $0 | — | — |
| Other intangibles | $47.5M | $8.0M | $20.5M | $46.4M | $24.4M | $533.0K | — | — |
| Total assets | $325.5M | $256.7M | $294.9M | $325.0M | $335.9M | $17.7M | $277.7M | — |
| Accounts payable | $19.1M | $9.2M | $23.9M | $16.5M | $6.4M | $776.0K | $136.7K | — |
| Total current liabilities | $19.8M | $22.7M | $35.5M | $26.6M | $12.8M | $6.3M | $371.3K | — |
| Long-term debt | — | — | — | $0 | — | — | — | — |
| Total liabilities | $46.4M | $34.7M | $60.6M | $50.5M | $44.5M | $6.6M | $26.1M | — |
| Retained earnings | -$145.6M | -$186.9M | -$159.8M | -$103.7M | -$76.4M | -$37.1M | -$638.0K | — |
| Total equity | $279.1M | $221.9M | $234.3M | $274.5M | $291.4M | $11.1M | $20.7M | $31.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$48.9M | -$2.5M | -$32.3M | -$37.1M | -$15.6M | -$10.8M | -$10.3M | — |
| Depreciation and amortisation | $8.2M | $6.0M | $7.1M | $5.7M | $830.0K | $526.0K | $472.0K | — |
| Stock-based compensation | $17.8M | $19.9M | $12.5M | $8.3M | $9.6M | $490.0K | $317.0K | — |
| Capital expenditure | $9.6M | $30.9M | $2.1M | $730.0K | $297.0K | $377.0K | $604.0K | — |
| Investing cash flow | $69.8M | -$1.0M | $17.1M | $79.3M | -$321.3M | -$377.0K | -$1.1M | — |
| Financing cash flow | -$8.9M | -$5.8M | -$76.0K | -$1.1M | $332.3M | $1.2M | $116.0K | — |
| Buybacks | $0 | $244.0K | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014530.
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